Overview
- Hudson Pacific CEO Victor Coleman said on Friday that Netflix has not closed the Radford transaction and may delay a final decision until later in the year.
- Trade reports say Netflix has extended an initial 90-day due diligence period, a developing step that does not guarantee the sale will fail or succeed.
- Hudson Pacific secured a one-year extension on about a $1.1 billion loan and says any long-term refinancing will depend on clarity about Netflix’s plans, company president Mark Lammas said.
- Netflix currently leases more than 700,000 square feet across three Hudson Pacific office buildings with leases running to 2031, and executives say Radford would not replace that office footprint.
- Radford was bought by Hackman Capital in 2021 for $1.85 billion and later hit refinancing trouble, and rising borrowing costs plus lower Los Angeles filming levels are the key market forces complicating the potential nine-figure deal.